What is the status of the microloan applications? [new 5/5]
The microloan eligibility application process closed at midnight on April 28th. Everyone who filled out and eligibility form will be notified within one week of their status.
How were applicants chosen for the microloan? [new 5/5]
During the three-day period (April 28-30, 2020) that was open to submit Eligibility Forms, the Community Business Partnership (CBP) received 1,714 forms requesting over $30 million in loans. On May 1st, 2020, all the Eligibility Form submissions for the program were assigned a random computer-generated number and then all the eligibility forms were sorted in the numeric order in which they were assigned.
CBP reviewed the loan amount requested on each Eligibility Form in the numeric order in which they were assigned in the lottery. Once the amount of the requested reached $2,282,500 (the amount of the loan pool), counting was stopped and those applicants were invited to apply for funding through the program. Approximately 127 applications were accepted into the initial “accepted category” for further review. Acceptance notifications were emailed on the morning of May 5.
I was accepted into the program.What are my next steps? [new 5/5]
Congratulations on being invited to the application process. After your initial acceptance email, you will be contacted with instructions on how to complete the application and upload the required documents.
It is important to note that an invitation is not a guaranty of a loan. Eligibility for the program will need to be confirmed and approval is based on the information provided through the application process. The amount of the loan will be the same that was requested in the Eligibility Form submitted earlier. Once the email with instructions is received, applicants will have 3 weeks (21 calendar days) to provide us the necessary documentation required in order to be considered for a loan. If the documentation is not submitted within this time, the application will be terminated, and the applicant will be ineligible to continue the application process further.
I was put on the waitlist. What should I do? [new 5/5]
The Community Business Partnership (CBP) received 1,714 forms requesting over $30 million in loans. Based on the size of the loan pool ($2,282,500) we estimate that the first 125 businesses ranked through the lottery will be provided loans in the amount they requested. They have been invited to the application process. A waitlist was generated based on an assumption that as many as 10% of those invited to apply may not be awarded a loan. That creates a waitlist of 12 additional companies (ranked 126 to 137 in the lottery) that could be invited to apply should an opening occur. If you are on the waitlist, you may be invited depending on the status of the first 125 loans offered. Stay tuned to your email for further instructions.
My application was denied. What are my options now? [new 5/5]
Unfortunately, if you receive a denial email, your lottery rank was not high enough to be considered for funding. Although you will not be receiving a loan, Community Business Partnership has added your email address to our regular weekly newsletter that provides helpful and updated resources for your business. Over the coming months CBP will reach out with help on identifying alternative financing or other resources.
If there is such a demand, what else is Fairfax County planning to do to help small business? [new 5/5]
Fairfax County is considering additional funding programs to support small businesses. This will be discussed and voted on at the May 12 Board of Supervisors meeting. Info will be posted on the Fairfax County website. In addition, all microloan applicants will be notified if new funding opportunity becomes available.
How will Community Business Partnership (CBP) prioritize loan applications? [added 4/27]
In consideration of the significant number of businesses interested in the program, the CBP will accept loan applications through a lottery process. This process involves three steps:
- Step 1: Complete An Eligibility Form.
At 9:00am April 28th, 2020, CBP will replace the current email submission link on the Fairfax County Microloan Program web page with an eligibility form for business owners interested in applying for a loan. This eligibility form will be available until midnight, Thursday, April 30th, 2020. After midnight, the eligibility form will be taken down. No applications for funding will be accepted unless an eligibility form has been completed between April 28th and April 30th, 2020. CBP expects the form to take approximately 15 minutes to complete.
- Step 2: The Lottery.
On Friday, May 1st, 2020, all eligible submissions will be recorded and assigned a random computer-generated number. All the eligibility forms will then be sorted in the numeric order in which they are assigned.
Can I apply now?
Applications will open on April 28th at 9:00 AM.
Fairfax County is currently promoting the program to ensure that all businesses are aware of the opportunity and gather documentation in preparation to apply. You can leave your email address with the Community Business Partnership and they will alert you when the application comes online.
Where does a business have to be located to be eligible?
Businesses in Fairfax County and the towns (Clifton, Herndon, Vienna) are eligible. Businesses in the cities (Fairfax, Falls Church) are not.
My business is in a neighboring jurisdiction to Fairfax. Am I eligible?
This loan program is available to businesses with a principal location in Fairfax County, including the towns of Herndon, Vienna and Clifton. Businesses in the cities (Fairfax, Falls Church) are not.
Our business is in the Town of Herndon/Clifton/ Vienna and our BPOL is through the town.
Yes, you are eligible. Businesses that acquired their Business Professional and Occupational License (BPOL) through Fairfax County and the Towns of Herndon, Clifton and Vienna and have a physical location in Fairfax County (including Herndon, Clifton, and Vienna) are eligible to apply. You are also eligible if you live in the Falls Church portion of Fairfax County, but not the City of Falls Church.
My business is in City of Fairfax /Falls Church – can I apply?
Businesses physically located within the City of Fairfax/Falls Church pay taxes to the City. They do not pay taxes to Fairfax County, and, subsequently, are not eligible. Please contact your City government to inquire about loan and grant opportunities in your jurisdiction.
What documentation is required to apply?
Documentation required to apply is listed towards the bottom of the page on the COVID-19 microloan webpage.
How quickly can businesses receive a decision once they apply?
Community Business Partnership estimates that, from first contact to funds disbursement will take approximately 1-3 weeks. However, the exact timeframes will depend on the specifics of each application, how quickly and completely businesses can provide the required documentation and demand for the program).
Can or will the amount of funding increase?
The Board of Supervisors (BOS) determines all funding allocations. As this is a new program for Fairfax County, regular reports will be provided to the BOS. Based on its success, recommendations for continuations, adjustments to its funding levels and/or changes to its terms and conditions will be considered.
Are nonprofits eligible?
The current microloan fund is one initiative to support our business community and complements other efforts the County has is planning to support our residents. The Board of Supervisors has directed staff to consider programs to support nonprofits and make recommendations at a future BOS meeting. NOTE: Nonprofits are eligible for loans under the CARES Act. We encourage all nonprofits to contact their bank and apply for the Federal Paycheck Protection Program Loans.
NOTE: This COVID business webpage is updated regularly with opportunities as they emerge. Please check back regularly for updates.
Explain the “Age Restricted Businesses” eligibility.
Businesses whose primary products and services are age-restricted in terms of eligible consumers include:
• Beer and wine retailers
• Breweries and wineries, except those that serve food.
• CBD dispensaries
• Tobacco stores
• Vape shops
This will be an item for reconsideration if this program receives additional funding.
Why are certain businesses not eligible to apply?
The County values all businesses. The Fairfax County Small Business COVID Recovery Fund is one effort to augment what the federal stimulus program has made available, and demand for this program will exceed the funds available. Congress reauthorized funding for the Small Business Administration (SBA) Paycheck Protection Program, and the Economic Injury Disaster Loan. These programs are the most significant sources of funding available to small businesses in Fairfax County. More information can be found on the Business and Employee COVID web page.
Why are home-based businesses not eligible?
The county values all businesses in the county. This particular program was designed to support businesses with a commercial location in hopes of keeping communities vibrant by preventing vacant storefronts, which benefits all residents by reducing the County’s reliance on residential property taxes
Why are we targeting businesses of this size (under 50 employees)?
94% of businesses in Fairfax County have fewer than 50 employees. The loan size is targeted to the smallest businesses that need immediate assistance. Larger needs may be
How will Community Business Partnership (CBP) prioritize loan applications? [new 4/27]
In consideration of the significant number of businesses interested in the program, the CBP will accept loan applications through a lottery process. This process involves three steps:
- Step 1: Complete An Eligibility Form.
At 9:00am April 28th, 2020, CBP will replace the current email submission link on the Fairfax County Microloan Program web page with an eligibility form for business owners interested in applying for a loan. This eligibility form will be available until midnight, Thursday, April 30th, 2020. After midnight, the eligibility form will be taken down. No applications for funding will be accepted unless an eligibility form has been completed between April 28th and April 30th, 2020. CBP expects the form to take approximately 15 minutes to complete.
- Step 2: The Lottery.
On Friday, May 1st, 2020, all eligible submissions will be recorded and assigned a random computer-generated number. All the eligibility forms will then be sorted in the numeric order in which they are assigned.
met by the SBA loan and grant programs.
- Step 3: Invitation to Submit an Application.
CBP will review the loan amount requested on each eligibility form in the numerical order in which they were assigned by the lottery. Once the amount of the requests reaches $2,282,500 (the amount of the loan pool) counting will stop. The forms that were counted will be contacted by email and invited to proceed with an application for funding. Those not selected will be sent emails of explanation (waitlisted) and will be contacted directly for business counseling opportunities.